Core Viewpoint - Guoshin Securities has given a "better than market" rating to Shangmei Co., predicting net profit attributable to shareholders of 1.107 billion, 1.388 billion, and 1.702 billion yuan for 2025-2027, with EPS of 2.78, 3.49, and 4.27 yuan per share respectively, and a target price range of 104.5-120.9 HKD per share [1] Group 1: Company Performance - The company is positioned as a leading domestic beauty brand, leveraging inclusive mechanisms, in-depth R&D, and diverse channels to solidify its performance base through its main brand, Han Shu, which has expanded its product categories and achieved breakthroughs with popular products [1][2] - The main brand Han Shu has achieved significant sales with its Hongman Waist set, ranking first on Douyin's beauty list for eight consecutive months in 2023, and has launched the X Peptide cream to achieve a breakthrough in single product sales [2] Group 2: Market Dynamics - The cosmetics industry has entered a phase of stable growth post-pandemic, with diminishing channel benefits and increasing competition from new brands, leading to a shortened growth lifecycle for single products [1] - Platform-based operational capabilities are crucial for beauty companies to overcome growth bottlenecks, allowing them to adapt to market changes and build a sustainable multi-brand and multi-category business matrix [1] Group 3: Multi-Brand Strategy - The company has developed reusable foundational capabilities in channels, R&D, and marketing, resulting in a platform-based development approach with multiple categories and brands [2] - The company has successfully penetrated niche markets with its multi-brand strategy, including high-end maternal and infant products, anti-hair loss care, and sensitive skin products, contributing to a diverse growth curve [2]

Core Viewpoint - Guosen Securities has given a "better than market" rating to Shangmei Co., predicting net profit attributable to shareholders of 1.107 billion, 1.388 billion, and 1.702 billion yuan for 2025-2027, with EPS of 2.78, 3.49, and 4.27 yuan per share respectively, and a target price of 104.5-120.9 HKD per share [1] Company Summary - Shangmei Co. is positioned as a leading domestic beauty brand, leveraging inclusive mechanisms, in-depth R&D, and diverse channels to solidify its performance base through its main brand, Han Shu, which has expanded its product categories and achieved significant sales through bundled offerings [1] - The company has developed reusable foundational capabilities in channels, R&D, and marketing, leading to a platform-based development model with multiple categories and brands [2] - The main brand Han Shu has achieved breakthroughs with products like the Hongman Waist Set and X Peptide Cream, while also expanding into hair care, men's products, and cosmetics [2] Industry Summary - The cosmetics industry has entered a stable growth phase post-pandemic, with diminishing channel benefits and increasing competition from new brands, resulting in shorter product growth life cycles [1] - Platform-based operational capabilities are crucial for beauty companies to overcome growth bottlenecks, allowing them to adapt to market changes and build a sustainable multi-brand and multi-category business matrix [1] - Companies like Shanghai Jahwa, Proya, and currently Shangmei have successfully established platform systems to achieve sustainable growth through industry fluctuations [1]

在数字化浪潮深入各行各业的背景下，技术驱动的民营企业正日益成为中国经济韧性与活力的关键支撑。我店数科正是这样一家专注于实体商业数字化赋能 的企业，借平台化运营与生态化联动，持续助力中小微商家跨越成长瓶颈，实现可持续发展。 2022年3月，我店数科推出"异业联盟地推项目"，标志着其平台化战略迈出关键一步。该项目致力于打破行业界限，推动跨领域商业合作，实现资源整合与 业务协同。其核心"利他"理念不仅构成企业价值观，更转化为可落地的运行机制——会员资源共享、联合营销和交叉引流等方式，显著增强了商家的市场响 应能力与客户黏性。截至目前，我店数科已成功整合近40万家异业联盟商家、超8万名商务代表及2500万会员，构建起一张贯通全国的高效协作网络。 除此之外，我店数科还提供数字供应链管理系统、智慧门店工具与经营性培训等多层次服务，扎实推进传统中小商户的数字化转型。这些举措既增强了商户 自身的竞争力和抗风险能力，也进一步激发了整体市场的经济活力。 2025年8月8日，在海南海花岛召开的"启新·致远 2025我店科技战略发布暨全域培训大会"上，公司宣布全球总部迁移与战略升级，显示出其长远布局的决 心。本次活动加强了政企协作关 ...

记者丨董鹏 编辑丨骆一帆 随着更多细节的披露，紫金黄金国际的市值、估值已经可以大致确定。 上周五，紫金矿业发布分拆上市进展公告，其子公司紫金黄金国际此次计划发行3.49亿股至4.01亿股 （约占全球发售完成后13.3%至15%），发行价格则确定为71.59港元/股。 由此计算，紫金黄金国际上市后市值有望达到1878.5亿港元。此前，紫金矿业所希望达到的"推动公司 黄金资产价值重估"，也将取得明显成效。 根据公告，此次紫金黄金国际全球发售基础发行股数为3.49亿股，占全球发售完成后已发行的紫金黄金 国际股份总数13.3%。如若代表国际承销商行使超额配售权，公司此次全球最大发行股数可以达到4.01 亿股，约占其发行后股份总数的15%。 在不考虑超额配售权的情况下，此次港股发行完成后，紫金黄金国际股份总数将达到26.24亿股。 如果按照紫金黄金国际上半年归母净利润年化后估算，公司全年净利润约为10.4亿美元，上述发行价所 对应的市盈率可以达到23倍左右，显著高于紫金矿业A股当前15倍左右的动态估值。 而以上超过200亿港元的融资规模，在创下今年港股市场第二大IPO的同时，也将为高度依赖外部并购 的紫金矿业、紫金黄金 ...

记者丨 董鹏 编辑丨骆一帆 随着更多细节的披露，紫金黄金国际的市值、估值已经可以大致确定。 上周五，紫金矿业发布分拆上市进展公告， 其子公司紫金黄金国际此次计划发行3.49亿股至 4.01亿股（约占全球发售完成后13.3%至15%），发行价格则确定为71.59港元/股。 本报在今年8月初的报道也曾指出，未来几年，除了5000亿市值的紫金矿业以外，"紫金系"很 可能会再增紫金黄金国际、藏格矿业两家千亿级别的上市平台。 彼时，对紫金黄金国际千亿市值的判断，更多源于公司自身营收、利润规模与港股可比公司估 值水平。 如今，随着公司发行价格、发行规模等上市细节的披露，不仅可以获得更多数据层面的验证， 紫金黄金国际潜在的市值规模也超过了此前预期。 由此计算， 紫金黄金国际上市后市值有望达到1878.5亿港元 。此前，紫金矿业所希望达到 的"推动公司黄金资产价值重估"，也将取得明显成效。 如果按照紫金黄金国际上半年归母净利润年化后估算， 公司全年净利润约为10.4亿美元，上述 发行价所对应的市盈率可以达到23倍左右，显著高于紫金矿业A股当前15倍左右的动态估值 。 而以上超过200亿港元的融资规模，在创下今年港股市场第二大 ...

随着更多细节的披露，紫金黄金国际的市值、估值已经可以大致确定。 上周五，紫金矿业发布分拆上市进展公告，其子公司紫金黄金国际此次计划发行3.49亿股至4.01亿股 （约占全球发售完成后13.3%至15%），发行价格则确定为71.59港元/股。 由此计算，紫金黄金国际上市后市值有望达到1878.5亿港元。此前，紫金矿业所希望达到的"推动公司 黄金资产价值重估"，也将取得明显成效。 如果按照紫金黄金国际上半年归母净利润年化后估算，公司全年净利润约为10.4亿美元，上述发行价所 对应的市盈率可以达到23倍左右，显著高于紫金矿业A股当前15倍左右的动态估值。 而以上超过200亿港元的融资规模，在创下今年港股市场第二大IPO的同时，也将为高度依赖外部并购 的紫金矿业、紫金黄金国际带来更多资金支持。 接下来，随着9月29日在港股的正式挂牌交易，公司也将形成以紫金矿业A股为主，藏格矿业A股、紫金 黄金国际H股为辅，市值总额逼近1万亿元人民币的"紫金系"资本矩阵。 如今，随着公司发行价格、发行规模等上市细节的披露，不仅可以获得更多数据层面的验证，紫金黄金 国际潜在的市值规模也超过了此前预期。 根据公告，此次紫金黄金国际全球发售 ...

Core Viewpoint - The "Taozui 8" strategic product launch and innovation platform initiation marks a comprehensive upgrade of the Taozui brand strategy by Shede Liquor, emphasizing a new operational model and collaboration with partners [1][3][4]. Group 1: Strategic Developments - The "Taozui 8" product is positioned as a long-term flagship item targeting the banquet market, priced between 100-200 yuan, featuring a rich and smooth taste profile [8]. - The new operational strategy shifts from a traditional "manufacturer-led, distributor-operated" model to a "manufacturer-led, platform self-operated" model, promoting transformation from product distributors to brand co-builders [3][4]. - The launch event was attended by key government officials and company leaders, highlighting the importance of local government support for the development of Shede Liquor [2]. Group 2: Brand and Market Positioning - Shede Liquor aims to enhance brand internationalization and production capacity, contributing to the recognition of Shehong as a top county in China [2]. - The "Taozui" brand will leverage platform innovation to optimize product structure and business models, fostering long-term development and mutual benefits with quality distributors [5][6]. - The design of "Taozui 8" reflects a blend of traditional and modern aesthetics, appealing to consumers' dual pursuit of quality liquor and artistic beauty [8]. Group 3: Collaborative Efforts - The event included the signing of strategic cooperation agreements with key regional partners, establishing a nationwide channel network [8]. - The innovation platform's co-founders were officially recognized, indicating a collaborative approach to brand development and market expansion [7].

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q1 2025 was $1.58, up 26% year-over-year on a reported basis and up 22% excluding notable items [10] - Total revenue reached $4.8 billion, reflecting a 6% increase year-over-year, with expenses controlled at a 2% increase [11][25] - Pre-tax margin improved to 32% and return on tangible common equity rose to 24% [12][30] Business Line Data and Key Metrics Changes - Security services reported total revenue of $2.3 billion, up 8% year-over-year, with investment services fees increasing by 4% [34] - Market and wealth services segment revenue was $1.7 billion, up 11% year-over-year, with net new assets of $11 billion in the quarter [37] - Investment and wealth management segment revenue decreased to $779 million, down 8% year-over-year, with a pre-tax income drop of 41% [39] Market Data and Key Metrics Changes - Firm-wide assets under custody and administration (AUCA) reached $53.1 trillion, up 9% year-over-year [26] - Assets under management (AUM) remained flat at $2 trillion year-over-year, with $18 billion in net outflows [41] - Foreign exchange revenue increased by 3% year-over-year, driven by higher spreads due to increased volatility [27] Company Strategy and Development Direction - The company is focused on transforming into a more platforms-oriented organization, enhancing client experience and operational agility [13][23] - The first quarter marked the anniversary of the transition to the new operating model, with over half of the company now working under this model [14] - The company is actively pursuing innovation in areas such as AI, with over 40 AI solutions deployed and a partnership with OpenAI [20][22] Management's Comments on Operating Environment and Future Outlook - Management noted a significant reversal in market sentiment due to trade and fiscal policy uncertainties, leading to elevated risks in the near and medium term [7][9] - Despite the uncertain environment, the company is well-positioned with a strong balance sheet and operational resilience [10][23] - The outlook for the operating environment remains uncertain, with management prepared for various macroeconomic scenarios [23][43] Other Important Information - The company returned approximately $1.1 billion of capital to shareholders, representing a 95% total payout ratio year-to-date [31] - The Tier 1 leverage ratio for the quarter was 6.2%, with a CET1 ratio of 11.5% [30][31] - The company is maintaining a conservative approach to capital management, considering macroeconomic factors [45] Q&A Session Summary Question: Insights on deposit stability and NII generation - Management indicated that Q1 deposit levels were in line with expectations, with a slight increase in deposits due to market volatility, but not as significant as in previous crises [50][52] Question: Strategic opportunities for M&A - Management is open to exploring inorganic growth opportunities that align with their strategic priorities, emphasizing the importance of cultural fit and financial returns [64][66] Question: Impact of macro environment on client activity - Management noted that while clients are cautious, the breadth of their platforms provides a competitive advantage, allowing them to capture opportunities even in turbulent times [120][124] Question: Treasury market functioning and Fed intervention - Management reported that the treasury market is functioning well, with high volumes, although liquidity has reduced, leading to wider bid-offer spreads [98][101] Question: Digital assets and stablecoin legislation - Management views digital assets as a long-term play, with stablecoin legislation seen as a positive development for future growth, although not expected to significantly impact near-term revenues [105][111]